LA ADJUSTER SERIES 204: HOMEOWNER INSURANCE Correct 100% COMPLETE FULL SOLUTIONS PACK EXAM BUNDLE

A single Declarations page common to all coverages A single conditions section common to all coverages - ANSWER A commercial package policy always includes Send the insured a reservation of rights letter - ANSWER If the insured fails to report claim in a timely fashion, the adjuster will immedia...

Resident License - ANSWER Before issuing a claims adjuster license to an applicant under this section the commissioner of insurance must find that the applicant is eligiable -designate LA as his or her home state or is a non-resident eligible for a license resident -Has not committed any act th...

The one who receives the authority to act on behalf of someone else? - ANSWER Agent what does a sale's agent receive authority for? - ANSWER to sell An insurance agent receives authority to what? - ANSWER Settle claims brought against the insurer How do agents receive their authority? -

inland marine policies ("floaters") - ANSWER _ were developed from the ocean marine policies, which provided broad coverage for property transported over water. it gives "open peril" coverage for "portable" property with a worldwide territory, except for fine arts. fine arts are li...

diminished value - ANSWER a concept that states an automobile's market value has decreased, even though it's been repaired after an accident; occurs because of the theory that repairs can't be made to put the vehicle into its exact pre-loss condition market value - ANSWER a concept, whic...

What are the four requirements of a legally binding contract? - ANSWER Agreement, consideration, competent parties, legal purpose Jim applied for a homeowners policy with his agent, who gave him immediate temporary coverage. However, after checking Jim's background information, his agent disco...

Exclusions - ANSWER Risks or causes of loss that the insurer decides not to cover Named peril - ANSWER Narrow coverage = few exclusions open peril - ANSWER Wide coverage = many exclusions Exclusions to HO Property Coverage - ANSWER ordinance or law, earth movement, water damage, off pr...

Insurable Interest - ANSWER ______in the property and would suffer a financial loss if the property were damaged by an insured peril, their family members (names need not be listed in the policy), and others such as a lien holder, for example, the bank that holds the mortgage on a house. Cause of...

The coverage territory of the Business Auto form provides for "worldwide liability coverage" for private passenger autos that the insured: a) Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions. b) Purchases while outside the ...